Are you sure that you have it in "B"? You have to depress a little silver lever on the lens body to move the shutter dial to "B". If you don't depress this lever you will be at 1/4 second even though it may look like you have the setting "almost" on "B". Also when in "B" you need to keep the shutter depressed either with your finger or a locking shutter release cable to keep the shutter open. If you already know this then just ignore my answer as it may be something entirely different.
The shutter sounds like it is in need of a cleaning. Typically failure to stay open in the Bulb setting is due to the shutter latching arm either being dirty or the spring has come off. The shutter will work properly in the other settings because the latching arm only is needed for the Bulb setting.
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